Financial shares pull key index down
Shanghai stocks dipped today following declines by financial-related companies and also on factory-gate inflation data that may prompt regulators to maintain controls.
The Shanghai Composite Index fell 0.19 percent to close at 3,275.57 points.
Banks and brokerages were among the decliners, with Ping An Bank Co Ltd easing 2.29 percent to 5.55 yuan, and CITIC Securities Co losing 1.15 percent to 17.14 yuan.
Data released today showed that July's Consumer Price Index rose 1.4 percent and the Producer Price Index gained 5.5 percent for the third straight month. Market sentiment dimmed after investors became concerned the rise in PPI may encourage regulators to maintain controls imposed earlier this year as they seek to contain risks from a rapid build-up in debt.
"Today's inflation numbers were a bit better than expectations, and show there is basically no inflation pressure. It's likely that the central bank will continue with monetary policy that's neither tight nor loose," said Zhang Gang, analyst at China Central Securities.